The fledgling points programs already have their detractors, with many users bemoaning a lack of transparency—most haven’t explained how their points can be used—while experts warn they may pose regulatory risks of their own.
The proposed change by the Consumer Financial Protection Bureau would potentially eliminate billions of dollars in fee revenue for the nation’s biggest banks.
Bank of America must reimburse customers more than $100 million and pay $150 million in fines for “double-dipping” on overdraft fees, withholding reward bonuses on credit cards and opening accounts without customer consent.
The failures of both Silicon Valley Bank and Signature Bank earlier this month mean venture investors and startups in Indiana and elsewhere are rethinking how and where they bank.
Last week, Genesis filed Chapter 11, joining Voyager Digital, Celsius and BlockFi on the list of companies that have either filed for bankruptcy protection or gone out of business.
It’s the largest fine to date against any bank by the Consumer Financial Protection Bureau and the largest fine against Wells, which has spent years trying to rehabilitate itself after a series of scandals tied to its sales practices.
San Francisco-based Anchorage Digital Bank, which announced in January its plans to open an Indiana office, is the subject of a consent order issued by federal banking regulators. But both the regulators and Anchorage say the bank is working to come into compliance with Bank Secrecy Act and anti-money-laundering regulations.
Anchorage Digital, founded in 2017, plans to open a physical office in the Indianapolis area and hire another 10 people here by year’s end.
The Office of the Comptroller of the Currency, which regulates federally chartered U.S. banks, has recently given banks the go-ahead to engage in certain types of cryptocurrency transactions.
The Fed on Thursday approved a set of rule changes that implement legislation passed by Congress last year to loosen restrictions, particularly for smaller community banks, imposed by the Dodd-Frank Act passed in 2010.
The House voted 258-159 to approve legislation rolling back the Dodd-Frank law, notching a legislative win for President Donald Trump, who made gutting the landmark law a campaign promise.
House Bill 1319, which would allow the short-term loan industry to offer high-interest consumer loans, is opposed by veteran groups, religious institutions and consumer advocates.
Vice President Mike Pence cast the final vote to break a 50-50 tie. The banking industry had been lobbying hard to roll back the regulation from the Consumer Financial Protection Bureau.
The president will direct the Treasury secretary to review the 2010 Dodd-Frank financial oversight law, which reshaped banking rules after the 2008-09 financial crisis.
Proposed new federal rules aim to make sure borrowers of short-term, high-interest payday loans have the ability to repay them.
If the U.S. economy were a compact car, it would be running on just three of four cylinders. That was the central message of a Fifth Third Bank expert at IBJ's 2016 Economic Forecast on Wednesday.
Now we know exactly how much of a fortune—or not—that larger, Indiana-based banks are generating from those ill-timed debit and ATM transactions.
The justices agreed Thursday to take up a case that challenges the theory that certain housing or lending practices can illegally harm minority groups, even when there is no proof of intent to discriminate.
Numbers surge after elimination of state-specific test; impact on competition, borrowers remains to be seen
Denny Bassett’s appointment to the department that regulates state banks comes just a few months after his retirement as Indiana chairman of JPMorgan Chase & Co.
